Are you considering filing for bankruptcy but you’re concerned about losing your assets? If so then you want to speak with Chapter 13 bankruptcy lawyers in Valdosta. They can guide you during the chapter 13 bankruptcy process that gives you the option to keep from liquidating your assets. Instead a plan will be proposed to your creditors to pay a portion of your debt out of your future income. Part of paying that debt means that you and your assets are protected from any creditors while you continue to make payments. Those payments will be negotiated to reflect more favorable terms that can include lower interest rates, reduced payments and more. Chapter 13 bankruptcy is more favorable for individuals who can retain a regular source of income so that they can save money by focusing their funds on important assets like their car or home.
Are You Eligible for Chapter 13 Bankruptcy?
When you speak to an expert bankruptcy attorney they will be able to explain all of the aspects of Chapter 13 bankruptcy and let you know whether you are eligible or not. Typically, people that need to consolidate debt so they can focus their funds on secured debt are good candidates for Chapter 13 bankruptcy. Chapter 13 can be used to lower interest rates on an auto or even change the links of your repayment plan so that your monthly payments are more affordable. If you need to stop a repossession or foreclosure, Chapter 13 bankruptcy is perfectly designed to help, as well. Chapter 13 bankruptcy can also assist you in paying a recent tax debt over a long period of time by making the monthly payments more manageable. The same goes if you have significant assets you would like to protect, or you are in a higher income.
Choose an Attorney You Are Comfortable With
One important aspect of Chapter 13 bankruptcy you need to keep in mind is that you will be working with the attorney you choose for up to five years. That’s why it’s very important that you pick an attorney that your 100% comfortable with. It’s vital to understand that this is your bankruptcy and it is your responsibility.
